Chinese electric vehicle giant BYD Co. (HK:1211) (BYDDF) reported record-breaking sales in 2024 and crossed its annual target of four million units. The company delivered over 4.27 million vehicles, up 41.26% from the previous year. This impressive performance is driven by rising EV demand in China and BYD’s expansion into global markets.
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In 2024, passenger vehicles made up the majority of sales, reaching 4.25 million units, which marks a 41.07% year-over-year surge. In particular, fully battery electric vehicles (BEVs) accounted for 41.5%, while plug-in hybrid electric vehicles (PHEVs) made up the remaining sales. Also, overseas sales rose 71.9% to 417,204 units.
In addition to vehicle sales, BYD’s energy storage business continued to grow. The company installed nearly 194.71 GWh of energy storage batteries in 2024, reflecting a 29% increase from 2023.
BYD’s December Performance was Impressive
BYD set a new monthly record of delivering 514,809 vehicles in December, which reflects a 50.95% year-over-year jump and a slight 1.58% rise from November. Importantly, this marks the third consecutive month with over half a million vehicles sold.
The company’s strong monthly performance was primarily due to robust domestic demand and government incentives to boost EV adoption in China.
Will BYD Surpass Tesla in 2024?
Another major EV player, Tesla (TSLA), is set to release its fourth-quarter and 2024 sales figures later this week. To meet its annual target of 1.81 million deliveries, the company needs to sell at least 515,000 EVs in the final quarter. Analyst estimates currently stand at 510,400 units.
In comparison, BYD sold 1.76 million battery EVs in 2024, significantly closing the gap with TSLA. While BYD continues to gain market share, the competition with Tesla remains intense. Both companies are competing for the top spot in the global EV market, and the race is likely to intensify further in the near term.
Is BYDDF a Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BYDDF stock based on eight Buys and one Hold assigned in the past three months. At $45.92, the average BYD Co. stock price target implies a 35.06% upside potential. In the past six months, shares of the company have gained 15.2%.
